Reliance Communications files for Singapore IPO
05 Jul 2012
Reliance Communications has filed preliminary prospectus for an initial public offer and listing of its subsea telecommunications infrastructure with the Singapore Stock Exchange.
Anil Ambani group firm Reliance Communications has a debt load of $7 billion, most of which has been raised from Chinese banks, and may look at raising about $1 billion.
Reliance Communications is looking to raise funds to ease a debt load of $7 billion as of March. It has been unsuccessful in several attempts to raise money by selling assets.
Reliance Communications had, on 10 April 2012, announced plans for a potential initial public offer and listing of its subsea telecommunications infrastructure network business through a Singapore business trust.
On 12 June 2012, the Singapore Exchange Securities Trading Ltd granted an "eligibility to list' to the business trust, Global Telecommunications Infrastructure Trust (GTI Trust), subject to requisite conditions being satisfied.
Further, Global Telecommunications Infrastructure Trust today lodged a copy of the preliminary prospectus with the Monetary Authority of Singapore. The company said it would provide subsequent updates to the stock exchange in due course.